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[darrels joy]

Dubai Finances Hollywood

Over the past several years, many of the studio blockbusters have been financed with Wall Street and hedge fund money.

With the current financial mess we’re in, Hollywood found itself in the position of having to look elsewhere for film budget assistance.

It turns out it didn’t have to look for very long. The oil rich government of Abu Dhabi has committed a $1-billion-plus fund to make movies and digital content via Abu Dhabi Media Co., a government controlled entity.

Using a newly formed subsidiary called Imagenation, Abu Dhabi made its first deal with Participant Media, a U.S. company well known in the Middle East for producing the Islamic terrorist friendly flick, “Syriana.”

A whopping $250 million dollars has been set aside for 18 movies to be made over the next five years. Participant’s head Jim Berk told The New York Times that the films will “entertain” but will “also raise awareness of issues and inspire social change.”

Founded in 2004 by former eBay exec Jeff Skoll, Participant has specialized in “message” movies including “An Inconvenient Truth” and “Good Night, and Good Luck” along with “Syriana.”

According to the Khaleej Times, Dubai seeks to establish “a strong regional and global media presence through successful implementation of public diplomacy.”

One wonders how many ways they can come up with to make a “Syriana” sequel.